SHOPPING FOR A LOAN???? HERE’S THE INSIDE SCOOP ON HOW TO DO IT RIGHT!
Make sure you are working with an experienced, professional loan officer. The largest financial transaction of your life is far too important to place into the hands of someone who is not capable of advising you properly and troubleshooting the issues that may arise along the way. But how can you tell?
Here are THREE SIMPLE QUESTIONS YOUR LENDER ABSOLUTELY MUST BE ABLE TO ANSWER CORRECTLY. IF THEY DO NOT KNOW THE ANSWERS… RUN… DON’T WALK… RUN… TO A LENDER THAT DOES!
1) What are mortgage interest rates based on? (The only correct answer is Mortgage Backed Securities or Mortgage Bonds, NOT the 10-year Treasury Note. While the 10-year Treasury Note sometimes trends in the same direction as Mortgage Bonds, it is not unusual to see them move in completely opposite directions. DO NOT work with a lender who has their eyes on the wrong indicators.)
2) Who is the Chairman of the Federal Reserve? Janet Yellen was confirmed as the new Chairman as of January 6, 2014. Ben Bernanke was the Chairman before that. Mr. Bernanke was the Chairman from Feb. 2006 to Feb. 2014
3) How is the Prime Rate calculated: (The only correct answer is the Fed Funds Rate plus Three Percent.)
Be smart... Ask questions… Get answers!
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